Collect a tip report from employees every pay period It is the responsibility for every employee to keep track of all their tip money collected. It is unreasonable to conclude that the restaurant manager will know how much cash tip every customer gave. However, Employers must require employees to report their tips, since tips of $20 or more per month are subject to withholding tax and employers are required to pay the employer's portion of those taxes. If you have questions on tax planning with your restaurant feel free to contact us.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances. AuthorKeana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients. |